- The report provides in depth market analysis, information and insights into the insurance industry in Saint Lucia, including:
- The Saint Lucian insurance industry’s growth prospects by insurance segments and categories
- The competitive landscape in the Saint Lucian insurance industry
- The current trends and drivers of the Saint Lucian insurance industry
- The challenges facing the Saint Lucian insurance industry
- The regulatory framework of the Saint Lucian insurance industry
Executive summary
The Saint Lucian insurance industry
registered positive growth, with gross written premiums recording a CAGR of
2.5% during 2008–2012, higher than the GDP growth of 0.9% during the same
period. However, insurance penetration stood at 1.8% in 2012. This low level of
penetration indicates that the insurance industry is performing below its
potential and has significant scope for future growth. The significant rise in
public infrastructural investment following the damage caused by Hurricane
Tomas in 2010, is likely to increase the demand for non-life insurance products
over the forecast period.
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Scope
- This report provides a comprehensive analysis of the insurance industry in Saint Lucia:
- It provides historical values for the Saint Lucian insurance industry for the report’s 2008–2012 review period and forecast figures for the 2012–2017 forecast period
- It offers a detailed analysis of the key segments and categories in the Saint Lucian insurance industry, along with industry forecasts until 2017
- It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions
- It profiles the top insurance companies in Saint Lucia and outlines the key regulations affecting them
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Key highlights
- Saint Lucia demonstrated significant economic development and registered positive growth in 2009 and 2010, despite the global financial crisis and the decline in economic development in the Eastern Caribbean Currency Union (ECCU) region during this period
- Saint Lucia was the only country to record positive growth in the region, at an average of 1.5% during 2009–2010
- The positive growth in the Saint Lucian economy was partly attributed to the healthy performance of the tourism industry and rising exports
- Saint Lucian insurance providers tend to retain a large proportion of their revenues and cede less to reinsurers; the retention rate of life insurance providers increased from 89.2% in 2008 to 90.1% in 2012
- This reflects the in-house expertise and high earnings of insurance providers, but it could leave their capital positions exposed during economically challenging times
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